Dec 28, 2012 10:09 AM by Lauren Molenburg
LONDON (AP) - British publisher Pearson PLC says it is investing in a business based on Barnes & Noble's NOOK e-reader.
Pearson said Friday it would pay $89.5 million cash for a 5 percent stake in NOOK Media LLC which includes the bookseller's e-reader and tablets, its digital bookstore and its 674 stores serving U.S. colleges.
Barnes & Noble will hold 78.2 percent of the business and Microsoft will have about 16.8 percent, Pearson said.
Will Ethridge, CEO of Pearson North America, says his company had worked with Barnes & Noble for decades.
He describes the new investment is part of a strategy to make content and services more broadly available to students and teachers.
(Copyright 2012 The Associated Press. All rights reserved.)